The another name of the forex market is currency market. It is the biggest financial market in the world.
Forex stands for Foreign exchange. If the economy of a country is strong then its currency will be strong, If the economy of a country is weak then the currency of that country will be weak.
Actually forex is the process when you change your currency between another currency.
There are eight major currencies in the world:-
- US Dollar(USD)
- Canadian Dollar(CAD)
- Great Britain Pound(GBP)
- Japanese Yen(JPY)
- New Zealand Dollar(NZD)
- Swiss Franc(CHF)
- EURO(EUR)
- Australian Dollar(AUD)
The Forex market has daily trading volume is around $6 trillion dollar. Now you could imagine how big this market is.
You can trade in forex from anywhere else, you could do it while travelling,
Forex market has currency pairs which means you have to buy a currency pair like USD/INR, EURO/USD, GBP/USD etc.
Every country has their economical data which helps their currency to get stronger and weaker.
If we know technical analysis very well then we can trade in everything, we can trade in equity, commodities, crypto-currencies and forex also. The role of technical analysis is immense in any kind of trading.
Now this is for today guys and hope you understood.
This is a bit information about forex and you can learn more briefly about the forex if you will research about it.
Thank you so much for reading my blog.